lior

Gold and silver changed direction and pace as both precious metals bounced back on Wednesday. Yesterday it was reported that, in Q2 2012 Great Britain's Gross Domestic Product contracted by 0.7%. This news may have contributed to the rally the Euro and weakened the GBP. The rally of the Euro during yesterday coincided with the recovery of major commodities rates including oil and gold prices. New home sales declined by 8.4% during June (M-o-M). This news may have also positively affected precious metals rates. On today's agenda: U.S. pending Home Sales, U.S Core Durable Goods, U.S. Jobless Claims Weekly report, Euro Area Monetary Development.
For the complete outlook of gold and silver for July 26th

Gold hiked on Wednesday by 2.02% to $1,612.7; Silver also rose by 2.44% to $27.47. During July, gold rose by 0.53% while silver declined by 0.53%.
On Today's Agenda
U.S. Jobless Claims Weekly Report: in the latest update the jobless claims rose by 34k to 386,000; this upcoming weekly report may affect the U.S dollar and consequently precious metals rates;
U.S. Pending Home Sales: in the latest report the pending home sales index rose by 5.9% (M-over-M). These data are another indicator for the development in America's real estate market; based on last week's results on housing sales (existing) the pending sales may change direction and decline.